Figment Soars with Record-Breaking Growth in Q1 2024 and Expanded Staking Services

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In Q1 2024, Figment, a cryptocurrency staking business, reported impressive results. The company unveiled the debut of its Ethereum and Solana staking Exchange Traded Products (ETPs), leading to a remarkable year-over-year surge. Figment now manages over $15 billion in clients’ staking assets, serving more than 500 institutional investors – representing a significant fivefold expansion compared to the same quarter in 2023. This substantial growth underscores Figment’s rapid expansion and the increasing faith its customers place in their services.

Exponential Growth in Staking Assets

According to The Block’s report on the company, Figment’s staking asset volume was approximately $3 billion during the same timeframe the previous year. This figure underscores the substantial growth the company has experienced. The noteworthy increase in asset volume is a testament to the expanding trust and confidence customers have placed in Figment.

Lorien Gabel, the CEO and co-founder of Figment, reaffirmed the company’s dedication to its clients. She highlighted that Figment understands their growing need for reliability, balanced returns, and peace of mind in dealing with the intricacies of blockchain technology. Figment’s core values reflect these requirements, and the company takes great satisfaction in helping its customers maneuver through regulatory uncertainties while maintaining transparency, security, and adherence to regulations as top priorities.

European Expansion and Strategic Partnerships

Figment’s expansion goes beyond just increasing staking volume; the company is also expanding its influence in Europe by creating Figment Europe Ltd. This strategic step has paid off, leading to partnerships with Apex Group for launching Ethereum and Solana staking ETPs on the Six Swiss Exchange.

These investment products, called Figment Ethereum Staking Rewards (ETHF) and Figment Solana Staking Rewards (SOLF), allow investors to gain exposure to Ethereum and Solana while earning staking rewards, including maximum extractable value (MEV). Backed by cryptocurrencies, they generate extra rewards through staking, simplifying access for investors without the need for individual participation’s complexities. The CEO explained that the selection of Ethereum and Solana was driven by the preferences of the company’s biggest clients.

In more simplified terms: Both Ethereum and Solana are popular cryptocurrencies currently preferred by many. Ethereum is renowned as a top choice for creating decentralized apps (DApps) and smart contracts, making it an essential tool for developers. On the other hand, Solana stands out due to its impressive processing speed and affordable transaction fees, which makes it an attractive option, especially within the decentralized finance (DeFi) sector. These features may influence Figment’s clients to opt for them over other alternatives.

Figment is not content with just current achievements; they have announced intentions to expand further by introducing a new product line named Figment Vaults. This development aims to simplify the process of institutions staking ether. With this service, institutions can stake any desired amount of ether in private, without combining or blending assets. Additionally, investors will have the flexibility to select the location of their validators, granting institutional clients greater control and personalization options.

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2024-04-24 20:43